# Argentina’s Currency Plummets Under Attack from Far-Right Candidate - The New York Times

> Argentina's peso plunged after a far-right candidate led the polls, with its unofficial rate falling 7% on Monday and another 10% by Tuesday afternoon. The currency hit a record low in the parallel market as the official rate stayed fixed. Frontrunner Javier Milei advocates replacing the peso with the US dollar.

- Date: 2023-10-10 · published 2023-10-10T12:00:00.000Z
- Category: macro · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/33938-argentina-s-currency-plummets-under-attack-from-far-right-candidate-the-new
- Commodities: [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

A sharp fall in the peso raises the incentive for Argentine farmers and exporters to hold back or sell soy products quickly for dollars, shifting near-term soymeal availability and export pricing.

## Read by commodity

- SBM: bearish ▼
- USDARS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2018-08-30 | [Argentina Hikes Interest Rate To 60 Percent In Bid To Halt Currency's Fall : NPR](https://feedsoft.ai/events/63823-argentina-hikes-interest-rate-to-60-percent-in-bid-to-halt-currency-s-fall-npr.md) | +2.9% | +2.0% |
| SBM | 2018-05-04 | [China not purchasing soybeans from the U.S. is not new](https://feedsoft.ai/events/65060-china-not-purchasing-soybeans-from-the-u-s-is-not-new.md) | -2.0% | -6.1% |
| SBM | 2018-08-30 | [Argentina hikes interest rate to 60 percent; peso plunges \| AP News](https://feedsoft.ai/events/63820-argentina-hikes-interest-rate-to-60-percent-peso-plunges-ap-news.md) | +2.9% | +2.0% |
| SBM | 2018-06-28 | [How a Rising U.S. Dollar Puts Argentina's and Brazil's Economies at Risk](https://feedsoft.ai/events/64805-how-a-rising-u-s-dollar-puts-argentina-s-and-brazil-s-economies-at-risk.md) | -1.7% | -0.4% |
| SBM | 2024-01-18 | [Why the Argentine peso is slipping through Milei’s fingers \| Buenos Aires Times](https://feedsoft.ai/events/32421-why-the-argentine-peso-is-slipping-through-milei-s-fingers-buenos-aires-times.md) | +1.1% | -3.7% |

## Sources

- nytimes.com: https://www.nytimes.com/2023/10/10/world/americas/argentina-peso-javier-mile.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.